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(Wireless-NewsWire.Com, October 31, 2018 ) According to Verified Market Intelligence, The Global Speech and Voice Recognition Market was valued at USD 6.7 Billion in 2017 and is projected to reach USD 18.6 Billion by 2025, growing at a CAGR of 18.8% from 2018 to 2025.
What is Speech and Voice Recognition?
Speech and Voice recognition can be defined as the ability of a specific program or machine to be able to distinguish, identify as well as authenticate the voice of a speaker. The Speech and Voice recognition aims to understand as well as carry out the spoken commands of the speaker. There are distinguishing characteristics between voice recognition and speech recognition. Voice recognition is the process by which the system strives to identify the person that is speaking by identifying particular aspects of speech that varies from person to person. On the other hand speech recognition involves the recording of the words being spoken in order to increase the speed as well as the accuracy of the conversion of the spoken work to digital data. With the increasing implementation of technology in society, the Global Speech and Voice Recognition Market is growing.
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Global Speech and Voice Recognition Market Outlook
There are several advantages of implementing Speech and Voice recognition systems such as the increase in the efficiency of work processes, the ability to reuse the data as well as the flexibility of the service. The issues that arise with the recognition of speech in terms of voice complexities as well as accents of the speaker results in problems with the accuracy of the data and this restrains the Global Speech and Voice Recognition Market.
Global Speech and Voice Recognition Market Competitive Landscape
The “Global Speech and Voice Recognition Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Microsoft Corporation, Sensory, Inc., Readspeaker Holding B.V., Iflytek Co., Ltd., Voicebox Technologies Corp., Acapela Group Sa, Nuance Communications, Inc., Alphabet Inc., Cantab Research Limited, Pareteum Corporation, Voicevault Inc. and Lumenvox, LLC. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
Global Speech and Voice Recognition Market Segmentation, by Technology
Speech Recognition
Voice Recognition
Global Speech and Voice Recognition Market Segmentation, by Vertical
Healthcare
Consumer
Military
Legal
Education
Automotive
Enterprise
Banking, financial services, and insurance
Government
Retail
Others
Global Speech and Voice Recognition Market Geographic Scope
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Rest of the World
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